Hi all, I have a tenant keen on buying the property and I'm keen to sell it to her and we've talked a little bit about the possibility of part vendor finance as her deposit probably won't be sufficient. I've never had any dealings in such matters, and I do recall vendor finance got a bad name ages ago due to some unscrupulous players. Can anyone tell me if it is still common for vendors to leave in part of the deposit for an agreed time? do people still do vendor finance? is vendor finance and leaving in the deposit considered the same thing? do lenders throw their toys if you suggest it?
I was considering leaving in 15% for 5 years and making the overall purchase price reflect 3% interest per annum on that 15%.
am i crazy, ignorant or just naive?
I was considering leaving in 15% for 5 years and making the overall purchase price reflect 3% interest per annum on that 15%.
am i crazy, ignorant or just naive?
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